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-- Posted Monday, 10 December 2007 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold traded about $5 higher in Asia and London and then jumped even more in midmorning New York trade to as high as $812.10 by about 10AM EST before it fell back off a bit into the close, but it still ended with a gain of 1.66%.  Silver followed a similar pattern and topped $14.71 before it also came back off slightly into the close, but it still ended with a gain of 2.09%.

Euro gold rose to about €549, platinum gained $5 to $1460, palladium lost $3 to $343, and copper fell over 5 cents to about $3.02.

Gold and silver equities rose about 2% in the first hour of trade before they came back off a bit in afternoon trade, but they still ended with about 1% gains.

The Economy:

Tomorrow at 10AM EST brings Wholesale Inventories for October expected at 0.5% and at 2:15PM is the FOMC policy statement that is expected to cut interest rates by at least 25 basis points.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil rose back near $90 in early trade, but it then fell back off to find slight losses by the close on worries over waning demand in the face of rising supplies.

The U.S. dollar index and treasuries fell while the Dow, Nasdaq, and S&P rose on expectations for an interest rate cut from the fed tomorrow.

Among the big names making news in the market today were MBIA, UBS, and McDonald’s.

The Commentary:

“February Gold finished up 13.3 at 813.5, 4 off the high and 7 up from the low.

March Silver closed up 0.345 at 14.85. This was 0.28 up from the low and 0.03 off the high.

The gold market managed an upside breakout on the charts and in turn reached the highest level since November 28th in the process. Surprisingly the Dollar was not supported by stellar gains in the US equity market or by better than expected US economic readings and that left the gold market with a distinctly favorable fundamental condition. The gold market managed the gains despite a reversal in crude oil prices and talk that European Central banks had sold up to 117 tons of gold in the 4th year of the Washington gold sale agreement. In the end, the Press reported aggressive fresh fund buying but many traders were fearful that the sharp gains were simply an anticipation of a large US rate cut on Tuesday.

The silver market certainly managed to diverge with the copper market on Monday by reaching up to the highest level since November 27th. Apparently the bull camp in silver was able to throw off the concern of slowing physical demand and recession that at times has dogged the trade over the last several weeks. Even more surprising is that the fact that silver and gold were not undermined as a result of the ongoing financial market concerns that were floated by the Bank of Canada during the Monday trade. Despite the sharp gains in the March silver contract on Monday, the market remained roughly $1.63 an ounce below the November high.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

MineWeb notes GATA campaign for Fed, Treasury gold documents

Blackstone reported assembling China bid for Rio Tinto

UBS admits $10 billion subprime loss, gets rescue from Singapore

Brazil plans sovereign wealth fund to counter rising currency

Mortgage rate freeze aims to conceal fraud by banks

Peter Brimelow: Does gold have one more rally left in 2007?

Fed seems poised to lower interest rates again Tuesday

NYTimes: Gold's quirk -- It's volatile, but holders feel secure

Gulf oil producers plan currency revaluation talks

John Embry: Gold gleams as central bank influence wanes

The Statistics:

As of close of business: 12/7/2007

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: The LSE added 1.09 tonnes.

COMEX Gold Trust (IAU)

Note: No change in Total Tonnes from yesterday’s data.

Silver Trust (SLV)

Note: No change in Total Tonnes from yesterday’s data.

The Stocks:

Harmony’s (HMY) mining rights, Randgold’s (GOLD) over-allotment, ITH’s (THM) acquired property, Aurizon’s (AZK) drill results, Gold Fields’ (GFI) updated Ore Reserve, Anatolia’s (ANO.TO) permit, and Coeur’s (CDE) closing purchase of Bolnisi and Palmerejo were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

All of today's gold and silver stock news:

East West Resource Corporation Closes CDN$2.5 Million Private Placement Financing Arranged With Powerone Capital Markets Limited - More
- December 10, 2007 | Item | E-mail

New Silver-Lead Mineralization Discovered - More
- December 10, 2007 | Item | E-mail

Trans America's Partner in U.S. Uranium Sector Completes Financing, Schedules Work Program for Core Properties - More
- December 10, 2007 | Item | E-mail

Central Sun Provides Update on 2007 Exploration Program in Nicaragua & Outlines Plans for 2008 - More
- December 10, 2007 | Item | E-mail

Coeur d'Alene closing purchase of Mexico silver mine - "Silver miner Coeur d'Alene Mines Corp (CDE.N: Quote, Profile, Research) (CDM.TO: Quote, Profile, Research) said on Monday that it expected to close its $1.1 billion purchase of junior miners Bolnisi Gold NL (BSG.AX: Quote, Profile, Research) and Palmarejo Silver and Gold Corp (PJO.V: Quote, Profile, Research) by the end of the year." More
- December 10, 2007 | Item | E-mail

Mantis Minerals Commences Fieldwork on Probe Mines' Tamarack Property in the McFauld's Lake Area, James Bay Lowlands, Ontario - More
- December 10, 2007 | Item | E-mail

Taseko to Release Fiscal 2007 Year End Results on December 12, 2007 - "Taseko Mines Limited (Toronto:TKO.TO - News)(AMEX:TGB - News), a mining exploration, development and production company, will release its fourth quarter and year end results on Wednesday, December 12, 2007 after market close and will host a conference call on Thursday, December 13 at 11:00 AM Eastern Time (8:00 AM Pacific Time) to discuss these results." More
- December 10, 2007 | Item | E-mail

Hard Creek Nickel Corporation: Preliminary Assessment for Turnagain Nickel Project Shows Positive Economics With Potential 29 Year Mine Life - More
- December 10, 2007 | Item | E-mail

Golden Peaks Resources Ltd. - Cerro Delta Progress - More
- December 10, 2007 | Item | E-mail

NWT Uranium completes drill program in Mexico - More
- December 10, 2007 | Item | E-mail

Cabo drills La Calavera for Pinnacle Mines in Oaxaca, Mexico - More
- December 10, 2007 | Item | E-mail